Richard Arnold Epstein Short Quotes

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There are no conventional games involving conditions of uncertainty without risk.

Richard Arnold Epstein
The hope of a positive expected gain lies in detecting a wheel with sufficient bias.

Richard Arnold Epstein
The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.

Richard Arnold Epstein
Anthropologists have often commented on the striking resemblance between the uneducated gambler and the primitive.

Richard Arnold Epstein
Shortly after pithecanthropus erectus gained the ascendancy, he turned his attention to the higher-order abstractions.

Richard Arnold Epstein
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.

Richard Arnold Epstein
Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting system.

Richard Arnold Epstein
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.

Richard Arnold Epstein
In general statistics can be considered as the offspring of the theory of probability, it builds on its parent and extends the area of patronymic jurisdiction.

Richard Arnold Epstein
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.

Richard Arnold Epstein
Against human opposition the machine usually emerges victorious, since individual patterns tend to be not random but a function of emotions and previous training and experience.

Richard Arnold Epstein
The French philosopher Pierre-Hyacinthe Azaïs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produce for each person an equivalent result.

Richard Arnold Epstein
The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of action, or strategy, from among the set of admissible strategies.

Richard Arnold Epstein